The US Federal Reserve announced enforcement measures against American Express. According to the regulator's statement, one of the main reasons was that the company failed to ensure proper detection and timely reporting to authorities of suspicious transactions that could have been related to money laundering. The enforcement action by the Federal Reserve requires American Express to remedy the identified deficiencies in its internal control procedures and compliance systems. The regulator emphasized the importance of financial institutions' compliance with anti-money laundering legislation requirements, which are aimed at preventing the use of the banking system for illegal purposes. Similar measures by the Federal Reserve are applied to large financial institutions when systemic problems are detected in their transaction monitoring systems. Requirements may include developing a plan to strengthen internal controls, increasing investments in compliance functions, and providing regular reports to the regulator on progress in remedying the situation. American Express is one of the largest financial companies in the United States, specializing in payment cards and financial services. The Federal Reserve's actions underscore the continuing heightened attention of US regulators to financial security issues and combating illegal money flows in the banking sector.